Use this identifier to quote or link this document: http://hdl.handle.net/2072/1880

Mergers, investment decisions and internal organisation
Banal Estañol, Albert; Macho Stadler, Inés; Seldeslachts, Jo
Universitat Autònoma de Barcelona. Unitat de Fonaments de l'Anàlisi Econòmica; Institut d'Anàlisi Econòmica
We analyse the effects of investment decisions and firms' internal organisation on the efficiency and stability of horizontal mergers. In our framework economies of scale are endogenous and there might be internal conflict within merged firms. We show that often stable mergers do not lead to more efficiency and may even lead to efficiency losses. These mergers lead to lower total welfare, suggesting that a regulator should be careful in assuming that possible efficiency gains of a merger will be effiectively realised. Moreover, the paper offers a possible explanation for merger failures.
2006-05-09
Consolidació d'empreses
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Working Paper
Working papers; 569.03
         

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